Technical Analysis USDCHF : 2020-08-24

IFC Markets

Master Trader
Oct 31, 2012
1,417
4
84
London (Great Britain)
www.ifcmarkets.com
Recommendation for USD/CHF: Buy

Buy Stop : Above 0.92
Stop Loss : Below 0.9

IndicatorValueSignal
RSIBuy
MACDBuy
MA(200)Neutral
FractalsNeutral
Parabolic SARSell
Bollinger BandsNeutral

Chart Analysis
IFC Markets Tech Analysis

On the daily timeframe, USDCHF: D1 was unable to overcome the psychological support level of 0.9. The pair began to rise and approached the downtrend resistance line. It must be broken upward before opening a position. A number of technical analysis indicators formed signals for further growth. We do not exclude a bullish move if USDCHF rises above its last upper fractal and Parabolic signal: 0.92. This level can be used as an entry point. The stop loss can be placed below the last bottom fractal and minimum since January 2015: 0.9. After opening a pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After the transaction the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (0.9) without activating the order (0.92), it is recommended to delete the order: some internal changes in the market have not been taken into account.
Fundamental Analysis

Industrial production in Switzerland in Q2 2020 suffered the maximum drop in the past 7 years. Will the USDCHF quotes increase?